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Surety Bond

A form of insurance guaranteeing that a business has the ability to complete the project for which it was hired. Also known as a performance bond, this is common in the construction industry. Contact your insurance agent for information. Businesses that are unable to obtain a bond through an insurance or surety company may qualify for the Small Business Administration’s (SBA) Surety Bond Guarantee Program. The SBA also guarantees contract bonds which ensure that the terms of a specific contract are fulfilled.

Fidelity Bond

A type of insurance that protects employers against intentional employee dishonesty, theft, negligence, fraud or embezzlement. Two types of bonds are available. A blanket bond covers all employees of a business, such as a bank or investment company. Specialty fidelity bonds cover specific individuals named in the bond. Your liability insurance, not a bond, should cover unintentional damage or breakage caused by an employee.

Businesses that regularly use independent contractors can purchase a third-party fidelity bond to protect against intentional wrongful acts committed by independent contractors. Fidelity bonds are purchased from insurance companies.

Federal Bonding Program: At-risk job applicants who are not eligible for commercial bonding can be covered for up to six months through this program administered by the Idaho Department of Labor.

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